Harold finds that the higher the wage rate his employer offers, the more hours he is willing to work. Harold's supply curve of labor is
a. upward sloping
b. downward sloping
c. backward bending
d. U-shaped
e. undetermined with this information
A
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If a 5% cut in the price of a product causes the quantity demanded to rise by 10%, the demand is
A. unit elastic. B. inelastic. C. perfectly elastic. D. elastic.
Using Scenario 1 what is the maximum grade you could earn in any one course? If you wanted to earn a grade of 90 in French but no better than a 70 in economics are you operating on your budget constraint? Why or why not?
What will be an ideal response?
Government savings, , is equal to
A) T - G. B) T + G. C) T = G. D) T + G - I. E) T - G = I.
In the last few decades there has been little progress in lowering the barriers to international trade.
Answer the following statement true (T) or false (F)